Interleukin Genetics Reports Second Quarter 2011 Financial Results

WALTHAM, Mass., Aug. 12, 2011 /PRNewswire/ -- Interleukin Genetics, Inc. (OTCQB: ILIU) today announced financial and operational results for the second quarter ended June 30, 2011.

Total revenue for the three months ended June 30, 2011 was $0.8 million compared to $0.6 million for the same period in the prior year. The increase was attributable to greater genetic test revenue.

Research and development expenses were $0.4 million for the three months ended June 30, 2011, compared to $0.3 million for the same period in the prior year. The increase is primarily attributable to increased consulting fees and is offset by decreased compensation and facility operating costs.

Selling, general, and administrative expenses were $1.3 million for the three months ended June 30, 2011, compared to $1.6 million for the same period in the prior year. The decrease was primarily attributable to lower compensation, professional fees, and promotion expenses partially offset by increased patent-related legal fees and sales commissions paid to Amway.

The Company reported a net loss of $1.2 million, or $(0.03) per basic and diluted common share, for the second quarter of 2011, compared to a loss of $1.4 million, or $(0.04) per basic and diluted share for the same period in the prior year. Included in the second quarter net loss in 2011 and 2010 is income from discontinued operations of $0.2 million and $0.5 million respectively. On June 30, 2011, the Company had cash and cash equivalents of $1.7 million and had $3.3 million available under its credit facility.

"We are pleased to show continued revenue growth primarily driven by partnerships for our Weight Management Genetic Test and Wellness Select combination product.  The introduction of our new web-based tools has significantly enhanced the Weight Management Genetic Test and we look to continue to generate data to be in a position to publish our results," said Lewis H. Bender, CEO, Interleukin Genetics, Inc. "In addition, the enrollment in our clinical study with Renaissance Health and the University of Michigan is proceeding nicely with over 3,000 patients enrolled thus far.  Finally, we are excited about our new research relationship with Metagenics announced this quarter to identify biomarkers for their weight management product Meta-060."  

Conference Call and Webcast Information

Interleukin Genetics will host a live conference call and webcast today at 9:30 a.m. EDT to review the Company's new business developments and second quarter financial results. To access the live call, dial 877-324-1976 (domestic) or 631-291-4550 (international). The live webcast and replay access will be available on the Investors section of the Company's Website at: www.ilgenetics.com.

About Interleukin Genetics, Inc.

Interleukin Genetics, Inc. (OTCQB: ILIU) develops and markets a line of genetic tests under the Inherent Health® brand. The products empower individuals to prevent certain chronic conditions and manage their existing health and wellness through genetic-based insights with actionable guidance. Interleukin Genetics leverages its research, intellectual property and genetic panel development expertise in metabolism and inflammation to facilitate the emerging personalized healthcare market. Interleukin Genetics' flagship products include its proprietary PST® genetic risk panel for periodontal disease and tooth loss susceptibility sold through dentists, and the Inherent Health Weight Management Genetic Test that identifies the most effective diet and exercise program for an individual based on genetics. Interleukin Genetics is headquartered in Waltham, Mass. and operates an on-site, state-of-the-art DNA testing laboratory certified under the Clinical Laboratory Improvement Amendments (CLIA). For more information, please visit www.ilgenetics.com.

Certain statements contained herein are "forward-looking" statements, including statements regarding the potential for publication of study results. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those risks and uncertainties described in the Company's  annual report on Form 10-K for the year ended December 31, 2010 and other filings with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.

SOURCE Interleukin Genetics, Inc.